More oil flow in Kentucky for WA junior
Email Printer friendly version Normal font Large font October 11, 2007 - 5:59PM
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Another of Westralian Gas and Power Ltd's oil wells in the US state of Kentucky has flowed large volumes of oil to surface.
Shares in the junior oil producer closed 19.5 cents higher - a jump of 144.44 per cent - to 33 cents on Thursday.
The shares hit an intraday height of 39 cents, a rise of 300 per cent.
The well flowed strong enough to prevent it from being drilled further.
Oil from this well will eventually be flowed into tanks at another producing well on the same lease.
The company works to a concept of `oil farming', whereby it gains steady cashflow from several small wells.
It is chaired by Alan Burns, who helped steer Hardman Resources Ltd from being a penny stock in 2000 to a $1 billion plus company that was ultimately taken over by UK-based Tullow Oil last year.
Westralian's market capitalisation is almost $19 million.
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